That is the problem. When slack's been fully absorbed in an economy, if you're adding additional pressures on it, you are going to get upward pressures on inflation. The Governor of the Bank of Canada was clear that, despite not increasing interest rates last week, interest rate hikes are coming. The more pressure you put on inflation, obviously, the more you're going to have to hike rates to get inflation back to target.
As my colleague Mark Zelmer mentioned, Canada's debt load is not just in government. There's a lot of focus here in this panel on government debt, but private debt—household and business debt—are also incredibly high in Canada and any upward pressures on interest rates that feed through from the bank increasing the overnight rate are going to put strain on Canadian households and Canadian businesses.